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Quitting job, possible consulting position instead?

Dr. FrenchensteinDr. Frenchenstein Registered User regular
edited December 2011 in Help / Advice Forum
So, i pretty much hate my current job. Nobody lets me do anything because they've been doing things a specific way for 20 years and they'll be damned if they let me change things. anyways, i found a new job, and i am leaving my current one. The timing kinda sucks b/c it's almost year end, and i feel bad like i am leaving them high and dry, even though it's more than 2 weeks. Honestly, a part time person could do my job the way it is currently (they are trying to give me more responsibilities, but it's too little too late in my eyes. Also, i have a bad feeling this new company we are a part of is a sinking ship). So i'm thinking about asking if they want to keep me on in a "consultant" capacity. I'd do my job from home, during non-business hours, and i'd charge them an hourly rate for the work. There are a few processes i run, but nothing i couldn't teach to someone else. I'd be glad to teach someone, but i don't know of anyone here willing to learn anything. There is also specific stuff i do (report writing) that would probably take a long time to teach someone, i also don't do much of that anymore, since i've already written the reports we use.

Is there a specific way i should go about trying to make this happen? What kind of rate should i charge? My current "hourly rate"? I'm salary, so i just divided my annual down to an hourly rate btw. If i really trimmed down what i do to the essentials, it's almost embarassing how little work i do during a non-close week.

Posts

  • L Ron HowardL Ron Howard Registered User regular
    Unless I was very amicable with everyone there, I would leave and never look back.

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  • Dr. FrenchensteinDr. Frenchenstein Registered User regular
    I'm amicable with the management, just not the employees. Also, some extra dough would be pretty sweet.

  • schussschuss Registered User regular
    if you give them a rate, remember to include taxes, payroll tax, benefits etc. in the calculation. It will basically double the rate.

  • JohnnyCacheJohnnyCache Starting Defense Registered User regular
    check on the threshold for self employment tax where you live and federally - if you'll go over it in the two weeks (most places it's 500) - bump that hourly rate up about 30%. If its just going to be a two-week stint, I would worry about factoring in bennies and such too much, but keep them in mind in the future when setting a consultancy rate.

    "Maybe we're here to eat the sandwich." -- Joe Rogan
  • Dr. FrenchensteinDr. Frenchenstein Registered User regular
    schuss wrote:
    if you give them a rate, remember to include taxes, payroll tax, benefits etc. in the calculation. It will basically double the rate.

    I used my gross pay to get that rate, i'm assuming that's what you mean?

  • MrDelishMrDelish Registered User regular
    I've not done it myself but I've heard of plenty of cases like yours where the consulting hourly fee was 2 to 4 times the person's previous hourly wage when actually employed.

  • JohnnyCacheJohnnyCache Starting Defense Registered User regular
    schuss wrote:
    if you give them a rate, remember to include taxes, payroll tax, benefits etc. in the calculation. It will basically double the rate.

    I used my gross pay to get that rate, i'm assuming that's what you mean?

    No, you needed to use your total comp. Which might be in your employment agreement or contract somewhere if you have one. But it's your gross + an approximation of your insurance, PTO, 401k match, etc. And then you actually would want to bump it about another 15 or so to cover taxes.

    Like I said, though, this is for establishing a long-term rate to do your job as a consultant. If you're just looking to fill through the first of the year for them as a favor to one or both of you, you could use a simpler/lower figure.

    "Maybe we're here to eat the sandwich." -- Joe Rogan
  • Dr. FrenchensteinDr. Frenchenstein Registered User regular
    Hmm, we'll see if he's into the idea at all. considering they wanted to give me more work, they might be trying to hire someone permanently, and tell me to go screw. I'm giving notice tomorrow, so I'll update.

  • Gilbert0Gilbert0 North of SeattleRegistered User regular
    What JoHnny is saying is basically this.

    If your salary is $50,000 a year and you work 40 hour weeks, you make $24.03/hr (50,000 / 52 weeks / 40 hours). If you wanted to be hired as a consultant, I wouldn't ask for less than $40 an hour but probably ask for $50. That bump is what it costs for managing all the HR stuff that the company covers. As well, your not going to be working a 40 hr week as a consultant, you'll be working 10 hours (by your own admission). If you keep it at a nice round number too its easier for them to budget and to cut you a check.

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